Comment Detail
Date: 05/18/23 First Name: Michael Last Name: Owens Email: mowens@rate.com Organization Type: other Organization: Guaranteed Rate Comment
The additional LLPA fees charged to borrowers with higher credit scores to subsidize those with lower credit scores is an affront to all those that have worked hard and been responsible in paying their obligations. The solution is not to penalize responsible Americans, but to instead educate those that haven't had a history of financial education and/or proper financial management. Giving a riskier borrower a better price will not change their habits or history. They will most likely continue to do what they have always done because they were never taught financial literacy and/or lack financial responsibility. This is a failing of our educational system and the cost should not be borne by those that have an understanding of finances and have been financially responsible.
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